Second Quarter 2011 - Access Bank

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Access Economic Quarterly Q2 2011

Table of Contents
The Nigerian Economy
GDP Growth: Remained Poised for Further Expansion
Monetary Policy: Quantitative Tightening to Counter Inflation
Inflation: Expectation Still on the Upside
External Reserves: Buffer Likely to Rise With Current Favourable Oil
Fundamentals
Exchange Rate: Commitment to a Stable Currency Takes Priority
Crude Oil Price: Upside Force Weakened by Global Macroeconomic
Sentiments
Stock Market: Is a Rebound Lurking?
Interest Rates: Tight Liquidity and MPR Hiking Cycle May Distort Domestic
Rates
2011 Budget: Reawakened Need for Fiscal Discipline
Public Debt: Tendency for a Further Uptrend Still Wide-spread
Financial Sector: Targeted Reforms to Strengthen the System
Socio-Economic SWOT Analysis
Revised Outlook for Q2 2011 and the Rest of 2011
Access Economic Quarterly Q2 2011

Q1 08
Q2 08
Q3 08
Q4 08
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q3 10
Q4 10
Q1 11
Q2 11
Q3 11e
Q4 11e
%
The Nigerian Economy
GDP Growth: Remained Poised for Further Expansion
Real gross domestic product (rGDP) is projected to grow by 7.93% in Q2 2011
according to interim numbers from the National Bureau of Statistics (NBS). This
figure falls below the double digits target set by the country’s economic planners to
meet with the nation’s desire to be ranked amongst the world’s top-20 economies by
2020.
Real GDP Growth Rate
9.0
8.5
8.29
8.46
8.0
7.5
7.0
7.10
7.45
7.36
7.43
7.92
6.5
6.0
5.5
5.0
4.5
4.64
5.01
4.0
Source: NBS
The non-oil sectors continued to remain the major driver of overall growth, with
agriculture, wholesale and retail trade, and services contributing 2.39%, 2.04% and
2.08%, respectively.
The combined growth total in the non-oil sectors is 8.46% while the oil sector output
growth is estimated at 2.90%. The outlook for 2011 generally looks good,
underpinned by the favourable conditions for increased agricultural production,
encouraging outcomes of the banking sector reforms and measures to channel credit
to the real economy, as well as growing emphasis on the development of non-oil
sectors and key infrastructure.
Access Economic Quarterly Q2 2011

2010 GDP Contribution
1.88%
4.92%
4.49%
3.85%
2.16%
0.97% 0.37%
Agriculture
Wholesale & Retail
44.08%
Oil & Gas
17.11%
Telecommunication
Manufacturing
Finance & Insurance
20.18%
Building & Construction
Real Estate
Business and other services
Solid Minerals
Source: NBS
On an aggregate basis, the economy measured by rGDP is expected to grow by
7.98% in 2011 up by 0.13% over the figure recorded in year 2010. The non-oil
sectors are expected to continue to drive the Nigerian economy in 2011, with
agriculture projected to grow at 5.68% in 2011.
Monetary Policy: Quantitative Tightening to Counter Inflation
The Central Bank of Nigeria (CBN) in the period under review adopted a quantitative
tightening monetary policy stance. This was consistent with the need to address
inflationary expectations of the anticipated excessive liquidity and pressure on
foreign exchange market. At its 3rd meeting in 2011, held 23rd - 24th May 2011, the
Monetary Policy Committee (MPC) raised the Monetary Policy Rate (MPR) by 50
basis points to 8% citing concerns of expected increase in budgeted expenditure on
critical government projects, implementation of new minimum wage and possible
withdrawal of petroleum subsidy.
Access Economic Quarterly Q2 2011

July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
April
May
%
Monetary Policy Rate
8.5
8.0
7.5
7.0
6.5
6.0
5.5
5.0
Q3 Q4 Q1 Q2
2010 2011
Source: CBN
The MPC stressed the importance of continuing structural reforms and infrastructural
development to enhance domestic production - one of the measures to reduce the
import bill and its pass-through inflation effects.
The Committee also raised cash reserve requirement (CRR) to 4% from 2% as part
of its quantitative tightening measures. This took effect from June 8, 2011, to directly
impact liquidity in the system. Its pass-through effects on speculative demand for
foreign exchange are revealed by data which shows significant decline after the CRR
was raised by 100 basis point at the January MPC.
Although the fiscal authorities have declared their intention to fiscal consolidation,
analysts are expressing concerns on the need to reduce the systemic pressure
exerted by rising government borrowings.
Nevertheless, a further possible increase in the MPR is still anticipated. This is
predicated on the evidence of increasing demand for dollars, removal of subsidies on
imported petroleum products and rising international food and energy prices, which
threaten to stoke up inflationary pressures in the coming months. This policy
decision is also expected due to the need to correct the negative real interest rate
which has in the last few years heightened the risk of disintermediation.
Access Economic Quarterly Q2 2011

2011
Jan Feb Mar Apr May June
%
Inflation: Expectation Still on the Upside
The year-on-year headline inflation dropped to 10.2% in June from 12.4% in May,
representing a 220 basis points fall. Food inflation also dropped to 9.2% from 12.2%
in May 2011. Core inflation at 11.5% was also lower than the 13% recorded in May
2011. The fall in headline inflation was primarily due to decline in the prices of some
food items & non-alcoholic beverages, imported food items, transportation, clothing
& footwear housing and electricity/gas prices.
Worried by rising inflationary pressure, the Monetary Policy Committee (MPC) raised
the Monetary Policy Rate (MPR), for the third consecutive time, from 7.5% to 8% at
its last meeting held May 23rd – 24th, 2011. The Committee, which also lifted the
Cash Reserve Requirement (CRR), had expressed its desire to check inflation which
has stubbornly remained at double digits, to single digit.
Inflation
9.00 10.50 12.00 13.50 15.00
Source: NBS
Food Inflation Core Inflation Inflation (Y -Y)
The CBN Governor, Lamido Sanusi expressed fears that rising government
expenditure along with accelerating costs of imported food and unsubsidized fuel
products may push up inflation, with the CBN facing an uphill task achieving its
single-digit inflation target.
Access Economic Quarterly Q2 2011

$ Billion
Jan
Feb
Mar
Apr
May
Jun
$/Barrel
Although the approaching harvest season gives a basis for a positive outlook,
inflation expectations remain high owing to the subsisting high fiscal spending
(especially at the state level), recent increases in public sector wages, anticipated
increase in power tariff, possible removal of subsidy on petroleum products, further
liquidity injection due to AMCON activity and elevated global food and energy prices.
External Reserves: Buffer Likely to Rise With Favourable Oil Fundamentals
The Nation’s external reserves declined to US$31.88billion as at end Q2 from
US$32.76billion at Q1 2011, a drop of 2.7%. The depletion in the reserves was due
primarily to NNPC deductions for joint venture cash calls (JVCC) and petroleum
subsidies.
External Reserves & Bonny Light
35.00
30.00
25.00
20.00
140
120
100
80
60
40
20
0
2011
External Reserves
Bonny Light (Crude Oil) Price
Source: CBN & OPEC
Exchange Rate: Commitment to a Stable Currency Takes Priority
The foreign exchange market remained relatively stable in the quarter under review
owing to the deliberate policy of the CBN to increase supply to the market to
maintain the exchange rate within a band of N150 +/- 3%, complemented by funding
from autonomous sources.
At the WDAS segment, the Naira/Dollar exchange rate opened at N151.52/US$ on
April 1, 2011 and closed at N151.79/US$ on June 30, 2011, representing a slight
depreciation of 0.18% (or N0.27k). Also, interbank rates opened at N154.07/US$ and
Access Economic Quarterly Q2 2011

N/$
closed at N152.10/US$, an appreciation of 1.28%. The premium between the rates
at the WDAS and other segments of the market narrowed significantly towards the
end of the review period.
Exchange Rates
161
159
157
155
153
151
149
147
145
Jan Feb Mar April May June
Q1
Q2
2011
Official Parallel BDC Interbank
Source: CBN & FDMA
The CBN is expected to continue to favour maintaining the Naira value, within its
narrow band, with periodic adjustments to avoid running-down foreign reserves.
Relatively strong oil prices—albeit likely to fall in Q4 2011—should allow the
maintenance of this policy, although the CBN is likely to move towards greater
liberalization of the currency markets once the recapitalization and consolidation
process in Nigeria's financial sector is fully addressed.
Even though Nigeria’s fiscal metrics and oil-revenue leakages place substantial
pressure on the Naira, the recent lifting of the requirement for foreign investors to
hold local-currency investments in government securities for at least 1 year is
expected to attract new capital inflows and reduce pressure on the nation’s external
reserves. Analysts anticipate a slight appreciation of the Naira in Q3 2011.
Access Economic Quarterly Q2 2011

Access Economic Quarterly Q2 2011

$ Per Barrel
Crude Oil Price: Upside Force Weakened by Global Macroeconomic
Sentiments
Despite the strong showings of Nigeria’s benchmark crude oil (Bonny Light) in Q1
2011; its price performance in Q2 was volatile, moving within a wide range of $110 -
$127 per barrel. Starting the quarter at $119.48 per barrel, bonny light price fell to
$110.20 per barrel as at end-Q2. Its quarter high was $127.49 on April 29, 2011. The
price decline, recorded in the period under review, was due to weakened
macroeconomic sentiments across many regions, as well as on the impact of the
International Energy Agency’s (IEA) decision to release 30million barrels of oil
(0.18% of annual global consumption) from strategic reserves, to offset the
disruption to output caused by the war in Libya.
Bonny Light
130
125
120
115
110
105
100
95
90
85
80
Jan Feb Mar Apr May Jun
Q1
Q2
Source: CBN & OPEC
Nigerian crude oil production sustained the upward trend rising to 2.155million
barrels in Q2 2011 from 1.99million barrels per day as at end March 2011. This
increase may be attributed to sustained peace in the Niger Delta following Federal
Government Amnesty Programme.
Access Economic Quarterly Q2 2011

million barrel per day
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan 11
Feb 11
Mar 11
Apr 11
May 11
Jun 11
Crude Oil Production Volume
2.20
2.10
2.00
1.99
1.96
2.03
1.99
1.95
2.00
2.08 2.09
2.06 2.06
2.14
2.19
2.18
2.05
1.99
2.12
2.17
2.16
1.90
1.80
2010 2011
Source: CBN & OPEC
Activities in the oil sector, with their associated gas components, are projected to
grow, in real term by 3.40% in 2011 compared with the 4.56% recorded in 2010. The
sector would also continue to benefit from upsurge in world crude oil demand
(especially from new champion-economies).
The uncertainty surrounding the fate of the US economy due to its high fiscal deficit
levels and sovereign debt crisis in the Eurozone may provide downside risk to
sustained rising crude oil prices.
The likely passage of the Petroleum Industry Bill (PIB) in the 2nd half of this year,
aimed at overhauling the hydrocarbons sector and increasing Nigeria’s local content
in the energy sector, may define the future of the oil industry in Nigeria.
Stock Market: Is a Rebound Lurking?
The stock market index rose marginally by 1.5% from 24,621.21points to
24,980.20points in Q2 2011. This was a better performance when compared to a
decline of 1.9% recorded as at end-Q1 2011. In same vein, the market capitalization
(MC) of listed equities also rose marginally from N7.87trillion to N7.99trillion in the
same period. The slight increase may not be unrelated to the relatively robust Q1
2011 results of some listed firms, AMCON activities, amid sustained efforts to ‘clean
Access Economic Quarterly Q2 2011

Apr 01
Apr 05
Apr 07
Apr 11
Apr 13
Apr 15
Apr 19
Apr 21
Apr 28
May 03
May 05
May 09
May 11
May 13
May 17
May 19
May 23
May 25
May 27
Jun 01
Jun 03
Jun 07
Jun 09
Jun 13
Jun 15
Jun 17
Jun 21
Jun 23
Jun 27
Jun 29
Points
N'Trillion
up’ the Nigerian financial system and improve reporting standards. Fund-raising
activities in the stock market cooled down visibly during the quarter.
The Nigerian Stock Market - All Shares Index (ASI) & Market Capitalisation (MC)
26,500
26,000
25,500
25,000
24,500
24,000
23,500
23,000
22,500
22,000
21,500
8.4
8.3
8.2
8.1
8.0
7.9
7.8
7.7
7.6
ASI
Market Cap
Source: NSE
The market seems to be exhibiting a ‘graveyard market’ tendency, with frequent sell
pressures as investors seek to cut losses. However, the net gainer has been the
bond market, which has received relatively higher patronage in form of flight to
safety, despite the current low coupons. The uptick mirrors the current stock market
performance and liquidity situation. Market watchers are of the opinion that the
recent nosedive in share prices to low levels may stimulate another round of stock
purchase, leading to appreciation on the market All Shares Index.
Interest Rates: Tight Liquidity and MPR Hiking Cycle May Distort Domestic
Rates
In Q2 2011, the Nigerian Interbank Offered Rate (NIBOR) moved upward on the
average by 146basis points to 13.54% from 12.08% as at end Q1 2011. During the
quarter, NIBOR trend was driven by the relative liquidity constraint in the nation’s
financial system. CALL, 7-day and 30-day - mostly shorter tenoured instruments rose
on the average compared to maturities of longer tenors which slide marginally
downward during the period under review. On the whole, average monthly interbank
rates responded with a decline at each disbursement of statutory allocation by the
Federation Account Allocation Committee (FAAC). On the other hand, the hike in
Access Economic Quarterly Q2 2011

Apr 01
Apr 05
Apr 07
Apr 11
Apr 13
Apr 15
Apr 19
Apr 21
Apr 28
May 03
May 05
May 09
May 11
May 13
May 17
May 19
May 23
May 25
May 27
Jun 01
Jun 03
Jun 07
Jun 09
Jun 13
Jun 15
Jun 17
Jun 21
Jun 23
Jun 27
Jun 29
%
monetary policy rate (MPR) and CBN’s TBills offer to the market often put NIBOR on
an upward trajectory.
This monetary policy posture was aimed at mopping
inflationary money from the nation’s financial system.
NIBOR
End-
Period
CALL 7Days 30Days 60Days 90Days 180Days 365Days
Jan 5.6667 7.2917 10.5417 11.5000 12.5000 13.3750 14.2917
Feb 8.2500 9.1250 10.7500 11.5417 12.4167 13.1250 14.0417
Mar 10.9583 11.4833 12.5833 13.3583 13.8917 14.5417 14.9000
Apr 10.9583 11.2917 12.2917 12.8750 13.4583 14.2917 14.7083
May 10.7500 11.3333 12.4083 12.9333 13.4167 13.7917 14.1667
Jun 11.0833 11.7500 12.8333 13.2917 13.7083 14.2083 14.5417
Source: FMDA & FDHL
NIBOR
16
15
14
13
12
11
10
9
8
7
6
CALL 7 Days 30 Days 60 Days 90 Days 180 Days 365 Days
Source: FMDA & FDHL
The apex bank has expressed its willingness to put an end to the current guarantee
of interbank transactions by end-September 2011. A removal would likely lead to
upward trajectory in domestic rates, as lenders might price in default risk on
interbank takings.
Meanwhile, average prime lending rate of Deposit Money Banks (DMBs) remained
relatively stable throughout the quarter under review. The stability in the rate may
Access Economic Quarterly Q2 2011

Naira (billion)
Apr
May
Jun
Jul
Aug
Sep
Oct
%
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
have been induced by the prevalence of CBN’s low-interest bearing funds in the
financial system. These are the manufacturing, power, airline funds, amongst others.
However, lending rate would likely trend upward in the near-term, on the back of the
apex bank’s quantitative tightening cycle.
Average Prime Lending Rate
19.5
19.0
18.5
18.0
17.5
17.0
16.5
16.0
15.5
15.0
Source: CBN
2010 2011
2011 Budget: Reawakened Need for Fiscal Discipline
In May 2011, President Goodluck Jonathan signed into law, the amended version of
2011 appropriation bill. The budget had an aggregate expenditure of N4.48trillion,
which is lower by 9.8% when compared to the N4.97trillion passed by the National
Assembly in March 2011. Of the sum, recurrent expenditures as a % of the total
expenditures amounted to 55.1%, with the balance 44.9% earmarked for capital
expenditure.
Crude Oil Benchmark
Fiscal Deficit as % GDP
2.5
2
1.5
1
0.5
0
1.83
1.28
2.14
0.17 0.19
2009 Budget Revised 2010
Budget
Recurrent Expenditure
Statutory Transfers
2.47
1.56 1.56
0.50
2011 Budget
Capital Expenditure
Debt Servicing
0
-1
-2
-3
-4
-5
-6
-7
2006 2007 2008 2009 2010 2011
-2.1
-2.9
-2.5
-2.96
-4.5
-6.1
Source: Budget Office
Source: Budget Office
Access Economic Quarterly Q2 2011

Jan 11
Feb 11
Mar 11
Apr 11
May 11
Jun 11
Jan 11
Feb 11
Mar 11
Apr 11
May 11
Jun 11
$'per barrel
million barrel per day
The budget has a deficit of N1.39 trillion (2.96% of GDP) and within the 3% gap limit
as documented in the Fiscal Responsibility Act. FG presented a budget of
N4.22trillion for 2011, which was 18% lower than 2010 budget of N5.2trillion
(including N600billion supplementary budget).
However, key assumptions in the preparation of the budget were retained. These
include crude oil benchmark price of $75 per barrel ($67pb in 2010), daily crude oil
production of 2.3mbpd, Joint Venture Cash Calls of $7 billion (from $5 billion) and
target GDP growth rate of 6% and exchange rate of N150 /$1.
Crude Oil Benchmark
Oil Production Benchmark
130
120
110
100
90
80
70
60
2011 Indicative Benchmark of $75pd
2.4
2.3
2.2
2.1
2.0
1.9
2.18
2011 Indicative Benchmark of 2.3mbpd
2.17
2.12
2.05
1.99
2.16
50
1.8
Source: EIA
Source: OPEC
The budget is expected to be funded mainly by crude oil proceeds, implying that any
fall in global oil demand and price would pose significant risks to the 2011 budget
implementation outlook. Recall that the performance of the budget was rather
challenged in the last fiscal year (May 2010), following marked volatility in oil price at
the international market. The fluctuation in price led to a downward review of the
budget’s key assumptions by the National Assembly. With the current debt
challenges in major economies, the fear of a contagion spreading across global
economies is ever potent. This might erode the demand for crude oil going forward.
Public Debt: Tendency for a Further Uptrend Still Wide-spread
Recent data from the country’s Debt Management Office (DMO) shows that the
nation's external debt stock hits $5.398billion as at end-Q2 2011, representing an
increase of 3.3% and 17.9% over figures as at Q1 2011 and end-2010, respectively.
Access Economic Quarterly Q2 2011

The breakdown of the total external debt stock by instrument type as at end-Q2 2011
shows that the Nigeria owed 85% of its debts to Multilaterals, which includes the
World Bank Group, International Fund for Agricultural Development (IFAD), African
Development Bank Group (ADB), amongst others. The balance is owed to Non-Paris
Group of creditors and funds secured from the Eurobond issuance.
On the other hand, DMO puts Nigeria’s domestic debts at N5.213trillion as at end-Q2
2011, marking a 14.6% and 7% rise over N4.5trillion and N4.8trillion as at end 2010
and Q1 2011, respectively. By instrument, FG owes 62.9%, 29.9% and 7.2% to
holders of bonds, treasury bills and treasury bonds, respectively.
External Debt Stock
Domestic Debt Stock
Source: DMO
EuroBond
($500mn
(9%)
World Bank ,
$4,005.89mn
(74%)
Non-Paris
Group
$334.65mn
( 6%)
ADB
$557.51mln
(11%)
Treasury
Bonds
N0.37trn
(7.16%)
Source: DMO
FGN Bonds
N3.28trn
(62.92%)
NTBs
N1.56trn
(29.93%)
Given this, the nation's debt position is considered sustainable with debt/GDP ratio of
about 18%, which is still within FG’s threshold target of not more than 25%. For
developing and emerging economies, 40% is IMF’s suggested debt-to-GDP ratio that
should not be breached on a long-term basis. A debt-to-GDP ratio of 60% is often
noted as a prudential limit for developed countries. The International Monetary Fund
(IMF) believes that crossing this limit would likely threaten fiscal sustainability. Recall
that Nigeria effectively reduced significant portion of her external debt of about $36
billion in 2005 through debt-forgiveness/relief.
Access Economic Quarterly Q2 2011

Financial Sector: Targeted Reforms to Strengthen the System
In Q2 2011, the Central Bank of Nigeria, (CBN) issued new guidelines for the
establishment and operation of non-interest banking in Nigeria. The guidelines clarify
the contextual definition of non-interest banking, which is not restricted to Islamic
banking, but also include other form of non-interest banking not based on Islamic
principle. In the review of the governance structure of the banking model, the apex
bank removed the reference to Sharia Council and replaced it with Advisory Council
of Experts. The broadened scope was aimed at eliminating discrimination on any
grounds in the participation by individuals or institutions.
CBN recently revised to $500,000 the FX sales limit to Bureaux de Change (BDC)
operating in the country, up from $250,000 set earlier. The review was on the back of
support received at the Monetary Policy Committee (MPC) Meeting held in June
2011. The aim was to check the potential for arbitrage or round tripping as a result of
the widening gap between the official and parallel market exchange rates. The
earlier action was taken by CBN as a result of the persistent high demand for Dollar
caused by alleged speculative trading in the Forex market.
The apex bank also announced that banks can now deploy ATMs beyond their
premises after an initial order was given to banks last year to stop operating ATMs in
other locations. The regulator revised the policy owing to the new policy on cash
withdrawal and deposit by customers of banks. The drive is to make Nigeria a
cashless economy and encourage the use of electronic payment system. The
payment system includes internet banking, telephone banking, electronic payment
cards and ATM with the latter being the most popular.
Meanwhile, the Asset Management Corporation of Nigeria (AMCON) disclosed plans
to release a new debt recovery strategy to guide the activities and operations of the
corporation. The Managing Director and Chief Executive Officer, AMCON, Mr.
Mustapha Chike-Obi, said the corporation will work closely with bank debtors with a
view to restructuring their loans. The Corporation’s ultimate objective is to ensure
that all bank debtors pay back in a bid to stabilize the banking industry and Nigeria
economy at large.
Access Economic Quarterly Q2 2011

Socio-Economic SWOT Analysis
Strengths
• Constitutional limitations on presidential
powers.
• An active and fairly free media.
• Large oil reserves remain a key driver of
liquidity.
• Large population means an abundant supply
of cheap (albeit unskilled) labour, amid a
growing consumer market.
Opportunities
• Improving corruption record.
• Low debt servicing costs implies broader
capacity to invest in key infrastructure.
• Banking sector reforms likely to create a
consolidated and efficient financial
infrastructure.
• Higher lending anticipated as AMCON clear
banks’ bad debts.
• Taxation is relatively low.
SWOT
Analysis
Weaknesses
3
• Tribal divisions have meant historical disunity
among the population.
• The Christian-Muslim population split
continues to be a source of tension.
• Hidden unemployment has not improved with
GDP growth, and remains widespread.
• Intellectual property protection is very poor.
• Physical security, especially for foreign
workers, is a significant concern in some
regions.
Threats
• Niger Delta militancy could well resume in
the medium term.
• Tightening international credit conditions
could disrupt the government's plan to
transform the publicly owned petroleum
company into a dynamic private-sector firm.
• Industrial action remains commonplace and
can disrupt normal business activity.
Source: BMI & Access Economic Intelligence
Revised Outlook for Q3 2011 and the Rest of 2011
Political environment likely to remain relatively stable, but the Boko Haram menace
remains a source of concern.
Macroeconomic environment likely be characterized by:
GDP growth to stay robust over 7.5% by end-2011 due to increased focus on
improving infrastructure – with its multiplier effect on the economy;
Naira to remain within the indicative N150/$ ±3% target, even as we approach
second half of the year when import activities pick-up: - FX Forwards etc to
the rescue;
Access Economic Quarterly Q2 2011

Inflation to likely to moderate upward. In all, we expect cost-push inflationary
pressures to gradually become entrenched by 2H 2011, with the likely
removal of oil subsidies;
Debt Purchase: AMCON activities to impact positively on stock market
performance, amid the relatively attractive level of most share prices. The
current reform in the banking sector when fully completed might boost further
the stock market indices.
Access Economic Quarterly Q2 2011

Access Economic Quarterly Q2 2011

Economic Intelligence Team
Tony Monye
Tony.monye@accessbankplc.com
+234(0) 1271 2025
Frank Iyekoretin Ogbeide
Frank.ogbeide@accessbankplc.com
+234(0) 1271 2025
Rotimi Aaron Peters
Rotimi.Peters@accessbankplc.com
+234(0) 1271 2025
Pascal Esehien
pascal.esehien@accessbankplc.com
+234(0) 1271 2025
Disclaimer
This report is based on information obtained from various sources believed to be reliable and no representation is
made that it is accurate or complete. Reasonable care has been taken in preparing this document. Access Bank Plc
shall not take responsibility or liability for any errors or fact or for any opinions expressed herein. This document is
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Access Economic Quarterly Q2 2011